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I had a pretty bad break-up with my employer, and now I'm unemployed.

I would like to get my money out of their 401(k) plan ASAP. Besides, the bad blood, they charge 50 basis points per quater for "Management fees" and a bunch of other stuff I do not like about the plan.(i.e. AIC Charges are through the roof)

I recieved this from them recently: "....401(k) plan distributions will be processed after this year's matching contribution has been made (approximately 2003). You will be notified at this time and you will then be able to transfer funds."

Can I REFUSE the matching, and make them transfer funds sooner? Their 50 basis points pretty much wipe out any matching anyway.

I would sooner have them roll it into an IRA so I can watch my own money, then to let them hold onto it.

Any thoughts or ideas would be appreciated.

Thanks,

Mikelly39
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I would sooner have them roll it into an IRA ...

They will roll nothing for you. You must find an IRA custodian, which will do the rolling. IRA custodians include banks, mutual funds, stock brokers, insurance companies and I suppose other types.

Good Luck,

TB
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I forgot to add. IIRC most transfers/rollovers take more than 30 days but less than 60 days. 50 basis points seems reasonable to me. I suggest you consider not rushing into your new IRA custodian. Enjoy what ever funds your former employer want to give you.

TB
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...50 basis points seems reasonable to me....

That's 50 basis points per quater.(That's my employer's fee for the privledge of having a 401(k)) Mind you, the On top of that, we get an AIC charge which averages > 1.25% for EACH FUND we are invested in.

I'd be much happier putting it into a Rollover IRA or something, and seeing what I can do with it.

Mikelly39
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